General counsels face pressure to reduce costs. Law firms must offer better value. The “new normal” requires taking five actions:.
1. Do Less : Do only the amount of legal work commensurate with the legal risk. Lawyers likely spend too much time looking for little stones when seeing boulders suffices.
2. Improve Efficiency: For work that really needs doing, re-engineer the process, automate where possible, and project manage what’s left.
3. Delegate to the Lowest Cost Competent Resource: Delegate down and select the lowest cost resource at each level. Choices include staff attorneys, paralegals, contract lawyers, LPO providers, and timekepers in firm-owned, low-cost onshore or offshore locations.
4. Build Factories: Build factories for high volume work: low cost location, minimal overhead, automated, and right-staffed.
5. Reduce Overhead: With overhead in many US law firms over $200,000 per lawyer, firms still have opportunities to reduce overhead cost. Rationalize support and admin processes and centralize staff in a low cost location.
- Alternative Legal Provider (34)
- Artificial Intelligence (AI) (49)
- Bar Regulation (13)
- Best Practices (39)
- Big Data and Data Science (7)
- Blockchain (9)
- Bloomberg Biz of Law Summit – Live (6)
- Business Intelligence (19)
- Contract Management (19)
- Do Less Law (37)
- eDiscovery and Litigation Support (165)
- Experience Management (6)
- Extranets (11)
- General (189)
- Innovation and Change Management (155)
- Interesting Technology (95)
- Knowledge Management (216)
- Law Department Management (13)
- Law Departments / Client Service (109)
- Law Factory v. Bet the Farm (26)
- Law Firm Service Delivery (101)
- Law Firm Staffing (25)
- Legal market survey featured (5)
- Legal Process Improvement (21)
- Legal Project Management (26)
- Legal Secretaries – Their Future (17)
- Legal Tech Start-Ups (1)
- Litigation Finance (5)
- Low Cost Law Firm Centers (19)
- Management and Technology (177)
- Notices re this Blog (10)
- Online Legal Services (62)
- Outsourcing (134)
- Personal Productivity (38)
- ReInvent Law (10)
- Roundup (58)
- Structure of Legal Business (1)
- Supplier News (13)